The Qatar Regulatory Authority announced today that the Regulatory Authority has entered into a Memorandum of Understanding (“MoU”) with the Jersey Financial Services Commission (“JFSC”). The MoU formalises arrangements for cooperation and information sharing between the two regulators.
The Qatar Financial Centre Authority (QFC Authority) is a business and financial centre located in Doha, providing legal and business infrastructure for financial services. It was established in March 2005. As of September 2015, the CEO is Yousuf Al Jaida.
The Qatar Financial Centre provides financial institutions with a world class financial services platform situated in an economy founded on the development of its hydrocarbons resources. It has been created with a long-term perspective to support the development of Qatar and the wider region, develop local and regional markets, and strengthen the links between the energy based economies and global financial markets.
The QFC Authority is the commercial and strategic arm of the Qatar Financial Centre (“QFC”). The QFC also consists of an independent financial regulator, the QFC Regulatory Authority, and an independent judiciary comprising a Civil and Commercial Court and a Regulatory Tribunal. The QFC Authority is responsible for leading the expansion of Qatar’s financial services sector and for developing relationships with the regional and global financial community. In February 2010 the QFC Authority unveiled a new strategy focusing on the creation of a global business hub for three core markets – Asset Management, Reinsurance and Captive Insurance.
Apart from Qatar itself, which needs to raise the capacity of its financial services to support more than $140 billion worth of projects, the QFC also provides a conduit for financial services providers to access nearly $1 trillion of investment across the GCC as a whole over the next decade.
Qatar Regulatory Authority
The QFC Authority is the commercial arm of the QFC. The QFC Authority is responsible for leading the expansion of Qatar’s financial services sector and for developing relationships with the regional and global financial community. The QFC Authority is committed to attracting quality financial service institutions and corporates, to recruit a highly competent and effective team and to ensure that its rules and guidance are up to date to meet the needs of the business customers of the QFC.
QFC CIVIL AND COMMERCIAL COURT
The QFC Civil and Commercial Court is established by the Tribunal and Dispute Resolution Regulations to provide mechanisms for resolving disputes between QFC firms and their counterparties, and for the arbitration or the formal resolution of civil disputes.
QFC REGULATORY TRIBUNAL
The QFC Regulatory Tribunal was established, pursuant to Article 8 of the QFC Law, for the purpose of hearing appeals by entities, individuals and corporate bodies against the decisions of the QFC Regulatory Authority.
COMPANIES REGISTRATION OFFICE
The Companies Registration Office has been established to perform duties and functions in relation to companies and other entities which may be incorporated or established to carry on business in the QFC.
Photo credit: puthoOr photOgraphy via Visualhunt.com / CC BY-NC
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